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13. PUBLIC OFFERING OF COMMON STOCK
 9 Months Ended
Sep. 30, 2014
Shareholders' Equity:  
PUBLIC OFFERING OF COMMON STOCK

In April 2014, the Company entered into an underwriting agreement with Roth Capital Partners, LLC, as representative of several underwriters, relating to the issuance and sale of 11,100,000 shares of the Company’s common stock at a public offering price of $0.55 per share.

 

Under the terms of the underwriting agreement, the underwriters agreed to purchase the common stock at a discounted price of $0.5115 per share, representing a 7% discount to the public offering price. The Company also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,665,000 shares of common stock at the public offering price, less underwriting discounts, to cover over-allotments, if any, made in connection with the offering.

 

The offering closed in April 2014 and the underwriters exercised their over-allotment option in full. In the aggregate, the Company issued 12,765,000 shares of common stock and received gross proceeds of $7,020,750. The net proceeds to the Company were approximately $6,369,000, after deducting underwriting discounts and estimated offering expenses payable by the Company.